Consumer demand for pork, beef in South Korea strengthens

Published 2022년 12월 26일

Tridge summary

The USDA GAIN report forecasts a robust recovery in South Korea's food service sector in 2022, leading to an increase in demand for beef and pork, a trend expected to persist into 2023. This recovery is attributed to the recovery of the hotel, restaurant, and institutional sectors in a post-COVID market. However, the rate of growth is uncertain due to challenges such as inflation and currency depreciation. Cattle producers plan to increase slaughter rates to capitalize on high meat prices and strong demand for domestic beef, while swine production is projected to decline in the first half of 2023 due to high input costs. Large import volumes for beef and pork, seen in 2022, are anticipated to stay high in 2023.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The ongoing revival of South Korea’s food service sector strengthened consumer demand for beef and pork in 2022, according to a recent USDA GAIN report. This positive trend is expected to continue in 2023 as Korea’s hotel, restaurant, and institutional sectors gain momentum in a post-Covid market. However, the pace and scale of food service growth is unclear as the country grapples with notable macroeconomic challenges such as inflation and a depreciating currency. Korean cattle producers will aim to capitalize on high meat prices and strong demand for domestic beef and will increase ...

Source: Thepigsite